Tez: Accessible Crypto Conversion

Tez FX aims to address the challenge of financial inclusion by enabling individuals and MSMEs to make investments and transfer payments across geographies and different types of platforms. The platform does this by providing a simple and accessible way for people to convert fiat currency into cryptocurrencies and vice versa, using available local payment methods. This helps reduce barriers to entry for those who have traditionally been excluded from the formal financial system, including individuals without formal identification or those who lack equitable access to credit. According to the World Bank, around 1.7 billion people globally are unbanked, and only 33% of adults in Sub-Saharan Africa have a formal bank account. Tez FX's solution can help bridge the gap and unlock financial freedom for these underserved populations, potentially contributing to economic growth and development.

Tez FX is a web-based platform that provides a simple and accessible way for individuals and MSMEs to convert fiat currency into cryptocurrencies and vice versa, using available local payment methods. Our solution can be integrated into cryptocurrency exchanges, wallets, and NFT markets, among others, via an API or widget, and takes care of regulatory requirements for KYC and AML.

Our technology is based on secure and reliable APIs that facilitate real-time transactions, ensuring a seamless and frictionless user experience. With Tez FX, users can easily convert funds to and from cryptocurrencies, allowing for greater flexibility and freedom in their financial lives. This solution is particularly important for those who have traditionally been excluded from the formal financial system, including individuals without formal identification or those who lack equitable access to credit.

Tez FX's platform is built on the principles of transparency and user empowerment. Users can view real-time conversion rates for different currencies, as well as transaction history and other data related to their account. Our platform also offers a wide range of local payment methods, enabling users to choose the payment method that is most convenient for them.

Overall, Tez FX's solution provides an accessible and streamlined process for converting currencies that is accessible to a wide range of users. Our platform is designed to be user-friendly and accessible, providing individuals and MSMEs with the tools they need to take control of their financial lives. We believe that our solution can help bridge the gap and unlock financial freedom for underserved populations, potentially contributing to economic growth and development.

Here's a link to a product demo video, if you'd like to see Tez FX in action: [insert link to product demo video]

Tez Fx serves the population of individuals and small to medium-sized businesses (MSMEs) who are seeking to engage in transactions involving cryptocurrency and fiat currency conversion. The current financial system is not always accessible to people in certain regions, which can make transactions more challenging and expensive. The target population may also include people who do not have a traditional bank account or access to a credit card.

The solution will have a meaningful impact on their lives by enabling access to previously unavailable financial services. By integrating with local payment methods, Tez Fx will provide an affordable and accessible way for individuals and MSMEs to make investments and transfer payments across geographies and different types of platforms. This can help to reduce transaction costs, which may otherwise be high due to cross-border fees or other intermediaries involved in the process.

By allowing for the conversion of fiat currencies to cryptocurrencies and vice versa, Tez Fx can provide a way for individuals and MSMEs to participate in the global digital economy, opening up opportunities for financial growth and expansion. This solution can enable people to access the global marketplace, and take advantage of opportunities they may have otherwise missed due to geographic or other barriers. The solution may also reduce the barriers to entry for small businesses seeking to engage in international trade, potentially boosting local economies and promoting financial inclusion.

Our founding team has a proven track record of delivering impactful solutions in the social and economic development space. Their previous solutions have been recognized and supported by major international organizations such as UNICEF, Gavi, and the World Economic Forum, and their work has received numerous accolades for its social impact and technical excellence.

One such solution is VaccineLedger, a blockchain-based platform that improves vaccine supply chain management and helps ensure that vaccines reach the communities that need them most. VaccineLedger has been recognized as a Digital Public Good by the United Nations and has received support from leading public health organizations such as Gavi, the Vaccine Alliance.

The success of VaccineLedger is a testament to our team's deep understanding of the needs and challenges faced by underserved communities, and their ability to design and implement innovative solutions that address these needs. Our team includes individuals who have direct experience working in the target communities we aim to serve, as well as technical experts who are able to develop and deploy cutting-edge solutions using the latest technologies.

As we develop and implement our solution for financial inclusion, we are building on this experience and expertise to ensure that our solution is effective, sustainable, and responsive to the needs of the communities we aim to serve. We are engaging with these communities throughout the design and implementation process, seeking their input and feedback to ensure that our solution is grounded in their realities and addresses their most pressing needs. We are also leveraging our partnerships with leading organizations in the social and economic development space to ensure that our solution is informed by the latest research and best practices in the field.

In short, our team is uniquely positioned to deliver a solution that has significant social and economic impact, and we are committed to ensuring that our solution is effective, equitable, and sustainable for the long-term benefit of the communities we serve.

Our solution, Tez FX, is not yet live for individuals and small businesses. However, we are currently available in Sandbox mode for developers to integrate Tez with their applications and support web3 payments. We anticipate going live by the end of May pending approval.

Once live, we estimate that Tez FX will serve approximately 250,000 individuals and small businesses by the end of 2024. While we are not currently serving users, we have a clear roadmap and plan in place to achieve our impact goals and serve underserved populations in emerging markets through simplified cross-border investments and payment transfers.

We are applying to Solve because we believe that our Tez FX solution aligns well with Solve's mission of identifying and supporting innovative solutions that address global challenges. We see Solve as a platform to showcase our solution, connect with potential partners and collaborators, and access resources and support to further develop and scale our solution.

One specific barrier that we hope Solve can help us overcome is the lack of access to resources and networks in the financial inclusion and cross-border payments space. While our team has experience developing and implementing solutions in this space, we recognize that there is still much to learn and many challenges to overcome. We hope that Solve can help us connect with experts, organizations, and communities working in this space, and provide us with access to resources and support that can help us refine and scale our solution.

We also believe that Solve can help us overcome market barriers by connecting us with potential users and partners in emerging markets, where the need for affordable and accessible financial services is particularly acute. By leveraging Solve's extensive network and resources, we hope to identify and collaborate with potential partners who can help us expand our reach and impact.

Overall, we see Solve as an opportunity to connect with like-minded individuals and organizations, gain exposure for our solution, and access the resources and support we need to achieve our goals of improving financial inclusion and cross-border payments for underserved individuals and MSMEs around the world.

Tez FX is a highly innovative solution that offers a unique approach to solving the challenges of financial inclusion, investment, and cross-border payments. It leverages cutting-edge technology to provide a seamless, secure, and cost-effective platform for individuals and MSMEs to make investments and transfer payments across geographies and different types of platforms.

What sets Tez FX apart from other solutions is its unique combination of features and capabilities. For instance, it offers real-time foreign exchange rates and transaction settlement, which means that users get the best exchange rates available at the time of the transaction. It also leverages blockchain technology to ensure the security, transparency, and immutability of all transactions, which makes it a highly secure and reliable platform.

Tez FX also provides users with an innovative way of assessing creditworthiness, using AI and machine learning algorithms to generate a more accurate and bias-free assessment of an individual or MSME's creditworthiness. This approach addresses a significant challenge faced by many individuals and MSMEs, who have traditionally lacked equitable access to credit.

In terms of positive impacts, Tez FX has the potential to catalyze broader positive impacts from others in this space. For example, its use of blockchain technology could inspire other companies to adopt similar technology to secure their platforms. Similarly, its use of AI and machine learning algorithms could encourage other financial institutions to adopt these technologies to provide more equitable access to credit.

Overall, Tez FX has the potential to change the market by making it easier, faster, and more affordable for individuals and MSMEs to make investments and transfer payments. By addressing the challenges of financial inclusion and cross-border payments, Tez FX is an innovative solution that has the potential to make a significant impact on individuals and communities globally.

Our impact goals are to provide financial access and inclusion to underserved individuals and MSMEs around the world, particularly in emerging markets, by simplifying the process of cross-border investments and payment transfers through Tez FX.

Over the next year, we aim to onboard at least 10,000 users to our platform and process over $10 million in transactions. In addition, we plan to partner with at least 5 financial institutions in emerging markets to expand our reach and provide more diverse financial services.

Over the next five years, our goal is to serve at least 500,000 users and process over $500 million in transactions. We also aim to expand our platform to include additional financial services, such as credit assessments, insurance products, and investment opportunities.

To achieve these goals, we will leverage our existing partnerships and networks to raise awareness of our platform and expand our user base. We will also invest in technology and infrastructure to improve our platform's scalability, reliability, and security. We plan to collaborate with regulators and policymakers to ensure that our platform complies with relevant laws and regulations in different markets. Finally, we will prioritize user feedback and engagement to continuously improve our platform's user experience and impact.

Tez Fx is committed to tracking progress toward its impact goals using a combination of quantitative and qualitative indicators. For the next year, our key impact goals are to onboard at least 1 million previously unbanked individuals and MSMEs to our platform and enable them to make at least one cross-border payment or investment. In five years, we aim to expand our services to reach at least 10 million previously unbanked individuals and MSMEs.

To measure progress toward these goals, we will track several key indicators, including the number of users onboarded, the total transaction volume processed through our platform, the number of cross-border payments and investments made, and the user satisfaction and retention rates. In addition, we will collect qualitative feedback from our users to better understand their needs, preferences, and experiences using our platform.

We will also regularly conduct impact assessments to ensure that we are delivering meaningful benefits to our target population and contributing to broader positive social and economic impacts. We will work with independent evaluators to measure and verify our impact, and we will publicly report on our progress and results to maintain transparency and accountability to our stakeholders.

A theory of change is a critical component of our approach to developing and implementing our solution. At its core, our theory of change is based on the belief that providing greater financial access and education to underserved communities will lead to positive, long-term outcomes for individuals and their communities as a whole.

Our solution's immediate outputs are twofold: first, we aim to provide a user-friendly, accessible platform that allows users to easily access and manage their financial assets. Second, we will develop and implement financial education tools that are tailored to the unique needs and challenges of our target population.

In the short term, we expect that our solution will lead to increased financial literacy and empowerment for individuals and communities, which will in turn lead to more sustainable financial practices and greater economic stability. Over the longer term, we believe that these changes will have a positive impact on poverty rates, reduce wealth disparities, and promote broader economic growth.

To measure the effectiveness of our solution and track progress toward our impact goals, we will use a variety of indicators, including the number of users on our platform, user engagement metrics, financial literacy rates, changes in wealth and income disparities, and poverty rates. We will also conduct regular user surveys and evaluations to gather feedback and identify areas for improvement.

Tez FX leverages technology to facilitate fast, secure, and cost-effective cross-border payments and currency exchange. Our core technology consists of a cloud-based platform that integrates with a variety of payment networks and financial institutions, enabling us to provide our customers with access to real-time pricing and settlement of foreign currencies. We use artificial intelligence and machine learning algorithms to analyze market data and optimize our currency exchange rates, ensuring that our customers get the best possible value for their money. Our platform is also designed with strong security and compliance features to protect our customers' transactions and data. By combining the latest technologies with our financial expertise and industry partnerships, we aim to transform the way people and businesses transfer money across borders.